Gate News reports that on March 8, CryptoQuant analyst Axel posted on X platform indicating that Bitcoin may have entered the mid-stage of this bear market cycle. Data shows that the NUPL–MVRV harmonic composite indicator has reached 0.33, while historical cycle bottoms typically occur around the -0.5 range. The chart indicates that the start of the bear market cycle is trending upward, suggesting that extreme selling conditions are moderating. However, the indicator remains well above historical bottom levels, implying that a full-scale market sell-off has not yet been confirmed.
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